|
Oil falls on concern demand to drop more rapidly than supply |
| Sun January 11th, 2009 |
By Angela Macdonald-Smith | Bloomberg News
Crude oil fell for a fifth day in New York, extending last week's 12 percent drop, on concern demand will decline more rapidly than the Organization of Petroleum Exporting Countries cuts output.
Deutsche Bank AG on Saturday lowered its forecast for the average price of crude oil this quarter by $10 to $45 a barrel, citing expectations consumption will fall by 1 million barrels a day this year. Prices fell on Jan. 9 after a report showing the employment rate in the U.S., the world's biggest energy- consuming country, surged in December.
Crude oil for February delivery fell as much as 68 cents, or 1.7 percent, to $40.15 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $40.23 at 7:14 a.m. in Singapore.
Last week's decline followed a 23 percent jump the week before, the most since August 1986. |
|
|
